Core Viewpoint - 中银航空租赁的1H25业绩符合预期，显示出强劲的业绩释放能力和市场需求的增长 [1][3] Financial Performance - 1H25 total revenue reached 1.24 billion USD, a year-on-year increase of 6% [1] - Taxed net profit was 342 million USD, a 20% increase compared to core net profit in 1H24 [1] - The interim dividend was set at 0.1476 USD, corresponding to a dividend payout ratio of 30% [1] Asset Side - The order book expanded significantly, with expected deliveries in 2025 projected to increase by 26% year-on-year [2] - As of the end of 1H25, the fleet size was 834 aircraft, with a 100% utilization rate for owned aircraft [2] - The average age of the fleet was 5.0 years, significantly younger than the global average of 15 years [2] - The company sold 18 owned aircraft and signed 43 new leasing commitments in 1H25 [2] - New aircraft deliveries in 1H25 totaled 24, accounting for 63% of the total expected deliveries for 2024 [2] Revenue Side - Demand in the Asia-Pacific region is leading, with a strong performance in both volume and pricing [3] - The market value of the fleet increased by 15% compared to book value, driving up leasing yields [3] - Net leasing yield rose to 7.5% in 1H25, compared to 7.0% in 1H24 [3] - The Asia-Pacific region accounted for 37.2% of the company's aircraft assets and 42.7% of rental income [3] Expenditure Side - The annualized funding cost remained stable at 4.6%, with the company maintaining the lowest spread in the industry [4] - Financial expenses accounted for 44% of total operating expenses, making them a key factor in profitability [4] Investment Analysis - Profit forecasts have been raised, with net profit estimates for 2025-2027 adjusted to 702, 739, and 763 million USD respectively [4] - The company maintains a buy rating based on improved net leasing yields [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][18]. Core Insights - The company reported a total operating revenue of USD 1.24 billion for 1H25, representing a year-on-year increase of 6%. The net profit after tax was USD 342 million, which is a 20% increase compared to the core net profit from 1H24 [6][8]. - The company has significantly expanded its order book, with a projected 26% year-on-year increase in deliveries for 2025. The fleet size at the end of 1H25 was 834 aircraft, with a utilization rate of 100% for owned aircraft [8]. - The company is well-positioned to benefit from strong demand in the Asia-Pacific region, which is expected to contribute significantly to its revenue growth [8]. Financial Data and Earnings Forecast - The projected operating revenue for the company from 2023 to 2027 is as follows: - 2023: 2,461 million - 2024: 2,557 million - 2025E: 2,586 million - 2026E: 2,715 million - 2027E: 2,828 million - The net profit forecast for the same period is: - 2023: 764 million - 2024: 924 million - 2025E: 702 million - 2026E: 739 million - 2027E: 763 million - The earnings per share (EPS) is expected to be: - 2023: 1.10 - 2024: 1.33 - 2025E: 1.01 - 2026E: 1.06 - 2027E: 1.09 [7][9]. Operational Insights - The company has signed new aircraft purchase commitments for 143 aircraft, expanding its order book to 351 aircraft. The average age of the fleet is 5.0 years, significantly younger than the global average of 15 years [8]. - The net leasing yield increased to 7.5% in 1H25, up from 7.0% in 1H24, driven by the appreciation of aircraft assets [8]. - The company’s annualized funding cost remained stable at 4.6%, with the lowest spread in the industry for newly issued bonds [8].